real gross national product

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Word: Real Gross National Product (Real GNP)

Definition: Real Gross National Product is a measure of a country's economic performance. It is the total value of all goods and services produced by the residents of a country in a specific time period, adjusted for inflation. This means it shows how much the economy has actually grown by removing the effect of price increases over time.

Usage Instructions:

• When to Use: You can use "real gross national product" when discussing economics, financial reports, or when comparing the economic performance of different countries over time.
• Context: It is often used in news articles, economic reports, and discussions about a country's financial health.

Example:

• "The real gross national product of the country increased by 3% this year, indicating that the economy is growing despite inflation."

Advanced Usage:

• Economists often compare the Real GNP from different years to analyze economic growth. A higher Real GNP suggests that people are producing more and the economy is expanding.

Word Variants:

• Gross National Product (GNP): The total value of all finished goods and services produced by a country's residents, without adjusting for inflation.
• Nominal GNP: Similar to GNP but does not account for inflation.

Different Meanings:

• In general conversation, "real" can mean something that is genuine or not fake, but in economics, it specifically refers to values adjusted for inflation.

Synonyms:

• Adjusted GNP
• Inflation-adjusted GNP

Idioms and Phrasal Verbs:

• N/A: The term "real gross national product" does not have common idioms or phrasal verbs associated with it.

Summary:

Real Gross National Product is an important economic indicator that helps understand the true growth of an economy by factoring out inflation.

Academic

Noun

1. a version of the GNP that has been adjusted for the effects of inflation

Synonyms

• real gnp